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The next couple of months will be the most difficult of our lives, PM informs the nation

16 May 2022 06:51 pm - 31     - {{hitsCtrl.values.hits}}

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Prime Minister Ranil Wickremesinghe, on Monday said the next couple of months will be the most difficult ones in the lives of all citizens and the country must prepare to make some sacrifices and face the challenges of this period.

In a special statement, Wickremesinghe said he had no desire to hide the truth and to lie to the public. Although these facts are unpleasant and terrifying, this is the true situation. For a short period, our future will be even more difficult than the tough times that we have passed. We will face considerable challenges and adversity. However, this period will not be long. In the coming months, our foreign allies will assist us. They have already pledged their support. Therefore, we will have to patiently bear the next couple of months. However, we can overcome this situation. Doing so will require taking a new path, Wickremesinghe said.

Full speech - 

Last Thursday, I accepted office as the Prime Minister. I did not request this position. In face of the

challenging situation facing the country, the President invited me to take up this position. I assumed
this duty not only as a political leader, but also as national leader who has benefited from free
education at the Faculty of Law of the University of Colombo.

At present, the Sri Lankan economy is extremely precarious. Although the former government’s
budget projected a revenue of SLR 2.3 trillion, SLR 1.6 trillion is the realistic projection of this year’s
revenue.

The estimated government expenditure for this year is SLR 3.3 trillion. However, due to the increase
in interest rates and additional expenditure of the former government, the total government
expenditure is SLR 4 trillion. The budget deficit for the year is SLR 2.4 trillion. This amount equals
13% of the GDP.

The approved debt ceiling is SLR 3200 billion. By the second week of May, we had spent 1950 billion.
Therefore, the remainder is SLR 1250 billion. Yesterday, a cabinet decision was made to present a
proposal to parliament to increase the approved limit for issuing treasury bills from 3000 billion to
4000 billion.

In November 2019, our foreign exchange reserves were at USD 7.5 billion. However, today, it is a
challenge for the treasury to find USD 1 million. The Ministry of finance is finding it difficult to raise
USD 5 million required to import gas.

Amidst all these issues we are faced with several grave concerns. To ease the queues, we must
obtain approximately USD 75 million within the next couple of days. At the moment, we only have
petrol stocks for a single day. Due to the diesel shipment that arrived yesterday, the diesel lack of
diesel will be resolved to some extent. Under the Indian credit line, two more diesel shipments are
due to arrive on the 18th May and 1st June. In addition, two petrol shipments are expected on 18th
and 29th May. For over 40 days 3 ship
s with crude oil and furnace oil have been anchored within the
maritime zone of Sri Lanka. We are working to obtain dollars in the open market to pay for these
shipments.

A quarter of electricity is generated through oil. Therefore, there is a possibility that the daily power
outages will increase to 15 hours a day. However, we have already obtained money to avert this
crisis. We must also immediately obtain USD 20 million to provide gas to consumers. The situation of
kerosene and furnace oil is even more urgent. At present, the Central Bank, local state and private
banks, and foreign banks functioning in Sri Lanka are all facing a dollar shortage. As you are already
aware, we possess a very low amount of US dollars. Nevertheless, we succeeded in bringing in a
diesel shipment yesterday despite these adverse circumstances with Indian assistance. Therefore,
you can obtain that diesel from today onwards. We will also work towards making a payment for the
gas shipment that arrived on Tuesday. Therefore, you will have some respite from the gas shortage.

Another grave concern is the lack of medicine. There is a severe shortage of a number of medicines
including medicine required for heart disease as well as surgical equipment. Payments have not
been made for four months to suppliers of medicine, medical equipment, and food for patients. The
payment owed to them amounts to SLR 34 billion. In addition, payments have not been made for
four months for medicine imported by the State Pharmaceuticals Corporation. As a result,
pharmaceutical companies are taking steps to blacklist the SPC. Unfortunately, our Medical Supplies
Division is unable to provide even two critical items of the 14 essential medicines that we currently
need. These two are a medicine used in treating heart disease and the anti-rabies vaccine. The latter
has no alternative treatment.

We have planned to present a new alternative budget to the development budget proposed for
2022. Intend to present it as a concessionary budget.

I further propose to privatise Sri Lankan Airlines which is incurring extensive losses. The loss for the
year 2020-2021 alone amounts to SLR 45 billion. By 31st March 2021, the total loss was at 372
billion. Even if we privatise Sri Lankan Airlines, this is a loss that we must bear. You must be aware
that this is a loss that must be borne even by the poor people of this country who have never
stepped on an airplane.

In the short term we will have to face an even more difficult time period. There is a possibility that
inflation will increase further.

At present, the government incurs a loss of SLR 84.38 per liter of 92 octane petrol, 71.19 per liter of
95 octane petrol, 131.55 per liter of diesel, 136.31 per liter of super diesel, and 294.50 per liter of
kerosene oil. The Petroleum Corporation can no longer bear this loss. Similarly, although the
Electricity Board charges SLR 17 per unit of electricity the cost of production is at around SLR 48
amounting to a loss of about SLR 30 per unit. This is also a serious problem.

Against my own wishes, I am compelled to permit printing money in order to pay state-sector
employees and to pay for essential goods and services. However, we must remember that printing
money leads to the depreciation of the rupee. Under the current circumstances, even the Petroleum
Corporation and the Electricity Board are unable to obtain rupees.

The next couple of months will be the most difficult ones of our lives. We must prepare ourselves to
make some sacrifices and face the challenges of this period.

I have no desire to hide the truth and to lie to the public. Although these facts are unpleasant and
terrifying, this is the true situation. For a short period, our future will be even more difficult than the

tough times that we have passed. We will face considerable challenges and adversity. However, this
period will not be long. In the coming months, our foreign allies will assist us. They have already
pledged their support. Therefore, we will have to patiently bear the next couple of months.
However, we can overcome this situation. Doing so will require taking a new path.

I thank the opposition leader and the leaders of the political parties who replied to the letters that I
sent them informing them of the current situation.

We must immediately establish a national assembly or political body with the participation of all
political parties to find solutions for the present crisis. This will enable us to discuss with all parties
and to arrive at decisions for short-, medium-, and long-term action plans that will enable us to
rebuild our nation within a specified time frame.

We will build a nation without queues for kerosene, gas, and fuel; a nation free of power outages, a
nation with plentiful resources where agriculture can freely flourish; a nation where the future of
the youth is secure; a nation where people’s labour need not be wasted in queues and in struggles; a
nation where everyone can lead their lives freely with three square meals a day.

I am undertaking a dangerous challenge. In the Caucasian Chalk Circle, Grusha crossed the broken
rope bridge carrying a child that was not her own. This is an even more difficult undertaking. The
precipice is deep and its bottom cannot be seen. The bridge is made of thin glass and there is no
handrail. I am wearing shoes with sharp nails that cannot be removed. My task is to safely take the
child to the other side. I am accepting this challenge for our nation. My goal and dedication is not to
save an individual, a family, or a party. My objective is to save all the people of this country and the
future of our younger generation. I will undertake this task willingly risking my life if needed and will
overcome the challenges facing us. I ask you to extend your support to me in this endeavour.

I will fulfill my duty towards our nation.

That is my promise to you.

 

 


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  Comments - 31

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  • aravindha Monday, 16 May 2022 08:22 PM

    At least he is telling truth rather than lying

    Bappi Monday, 16 May 2022 08:29 PM

    May Allah help u nbur Administration and In Shaa Allah we will overcome this ASAP

    Patriot kay Monday, 16 May 2022 08:37 PM

    Not next few months....it is going to be as long as you are there. You bring more debt and sell some more part of the country.

    Silva Dias Monday, 16 May 2022 09:21 PM

    No comments!

    Nihal Monday, 16 May 2022 09:25 PM

    It will sure be difficult for us. But, all politicians will have enough petrol, diesel, gas and medicine and their lives will be allways easy as usual.

    Truth Monday, 16 May 2022 11:56 PM

    Absolutely true

    Jude Monday, 16 May 2022 09:39 PM

    No kidding!!

    Ramakrishna Monday, 16 May 2022 09:39 PM

    India will stand by with Sri lanka

    Fake news Monday, 16 May 2022 11:57 PM

    By publishing fake news - The Hindu

    Jude Monday, 16 May 2022 09:39 PM

    Stating the obvious!! Huh!!

    Silva Monday, 16 May 2022 09:45 PM

    Start to get money back from the thieves. Put all politician salaries on a halt until the crisis is solved. They earned enough over the years and enriched themselves with other means. Reduce the number of public servants as every office can handle without the ones which are daily absent or sleeping. Why only the ordinary citizens have to suffer, let the upper class also participate.

    Mohan Monday, 16 May 2022 09:46 PM

    May be the most difficult for the people living in the South. The people who lived in the North East during the war have seen much worse.

    vithura Monday, 16 May 2022 09:50 PM

    Two months hardship is an understatement by a mile!

    Bernard Monday, 16 May 2022 10:45 PM

    The journey on the difficult path should be without the people who ruined the country but under the present scenario this cannot be achieved with the pohottuwa ministers being the majority and calling the shots under a beleagered PM.

    Cassandra Monday, 16 May 2022 11:00 PM

    re stating the obvious. We expected to kniw how to earn more foreign exchange and also how to save them to buy essentials. Not other crap.

    Ozi Monday, 16 May 2022 11:16 PM

    What about the robbed money? We don't need going begging.

    Sir Monday, 16 May 2022 11:22 PM

    Give money back and collect all looted money from politicians.

    Rohan Monday, 16 May 2022 11:48 PM

    RW,you have no moral right to govern the country after your super performance in the bond scam .We don't need you either

    Acid Tuesday, 17 May 2022 12:34 AM

    This guy is talking like as if all of these problems are natural! Where is the audit?

    Jacoob not FM but PM Tuesday, 17 May 2022 01:39 AM

    True, after that people will be used to the situation. You politician guys continue your merry making baila. RW, where is the accoutabilty and who brought the country to this level and what is punishment for them, you are not the new FM but PM ...

    Kumara Tuesday, 17 May 2022 02:33 AM

    First get rid of all those politicians who take bribe. Second bring back the money stacked up overseas no matter which individual or family these belong to. These people destroy our nation!

    Lankan Tuesday, 17 May 2022 04:18 AM

    Yeah right! The guys who indebted you, then robbed, pillaged and destroyed you are given the contract and is promising to fix it back better than before. Most importantly dragging you into more debt. Those who buy this bull after witnessing this for the past 74 years deserve to these guys. Do the right thing rip all these goons off like a band-aid in one swift motion as it's going to hurt anyway whether we like it or not. Then we can at least hope there will be change in the system. 74 years of proof is more than enough to know this is bull. Enough!

    Lion Tuesday, 17 May 2022 04:29 AM

    He should have started with reducing the perks of diyawannawa the thieves,

    Andrew Silva Tuesday, 17 May 2022 04:41 AM

    More difficult to the whole nation except to the 225.

    Neville Jayakody Tuesday, 17 May 2022 05:31 AM

    Before you preach others to suffer could you also please face instead of 15 hour power cut 7 1/2 hour power cut and adjust all your important work accordingly so that you will have a very faint understanding of how the others manage! I am challenging this to all the politician, including AKD!

    Reza Tuesday, 17 May 2022 05:32 AM

    Super motivational speech and shows us what leadership is in crisis. We all must set our political differences aside and support to stabilize our motherland.

    Adwani Tuesday, 17 May 2022 05:54 AM

    "We will build a nation without queues........,a nation with plentiful resources,...................a nation where everyone can lead their lives freely with three square meals a day" and when everything said is achieved, the nation will be free from all inconvenience and start another struggle of racism and hates against Muslims and Tamils. Already the curses for hates and racisms against minorities have reaped the results.

    Adwani Tuesday, 17 May 2022 05:56 AM

    Very strange, the Sri Lankan Airlines was making profit as appeared in the recent media. But the PM telling the truth that SL Airline is running at a loss????

    john frazer Tuesday, 17 May 2022 11:26 AM

    people who went and voted Rajapaksa they should be hitting them self

    Les Perera Sunday, 22 May 2022 10:36 AM

    Leasing Sri Lanka airlines is a great idea.

    Bala Saturday, 28 May 2022 01:52 AM

    This the is the fate of the Country lead by War criminal who massacred and maimed thousands of people. nature hit back with vengeance!!


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